Since Russia’s massive invasion of Ukraine in February 2022, the United States, together with allies and partners, has mobilized support to defend Ukraine and imposed sanctions and export controls on an unprecedented scale.
Today, consistent with commitments made by President Biden and Group of Seven (G7) leaders in preparation for this week’s meeting in Italy, the Department of State and the Treasury are imposing additional costs on Russia by designating more than 300 individuals and entities to enable Russia’s prosecution of its illegal war. The Department of State is imposing sanctions on more than 100 targets across a range of sectors vital to Russia’s war effort. These targets include those engaged in the development of Russia’s future energy, metals, and mining production and export potential; sanctions evasion and fraud; and the production of materials needed to support Russia’s war effort. The Department is also taking action against malign actors responsible for the forced transfer, re-education, and deportation of Ukrainian children.
The United States is concerned by the scale and pervasiveness of exports from the People’s Republic of China (PRC) that supply Russia’s military-industrial base. The Department is designating PRC companies that provide Russia with a broad range of dual-use goods that fill critical gaps in Russia’s defense production cycle. We are also taking action to counter the support the Lukashenko regime in Belarus is providing to Russia’s aggression against Ukraine.
At the same time, the Treasury is increasing the risks faced by financial institutions in providing support for Russia’s military-industrial base, imposing sanctions on more than 200 individuals and entities inside and outside Russia – including entities of the PRC – and banning certain software and IT services intended to undermine Russia’s war machine. Finally, the Commerce Department is expanding its Entity List with additional names of those supporting Russia’s military and defense sector and restricting the export of certain software to Russia.
We will continue to use all tools at our disposal to disrupt Russia’s use of the international financial system to finance war, disrupt the support networks for Russia’s military-industrial base, and raise the costs to Russia as Putin continues his aggression against Ukraine.
On December 22, 2023, President Biden expanded the United States’ ability to target financial institutions located outside of Russia that facilitate transactions connected to Russia’s military-industrial base. Today, the Treasury Department is broadening the definition of Russia’s military-industrial base to include all individuals who are blocked under Russia’s military-industrial base. Executive Order (EO) 14024This extension means that foreign financial institutions risk being restricted from conducting or facilitating significant transactions with, or providing any services to, any person blocked under EO 14024.
The restrictive actions by the Department of State and the Department of the Treasury were taken pursuant to EO 14024. “Blocking property in connection with specified harmful foreign activities of the Government of the Russian Federation.” For more information on today’s actions, please see the State Department’s directive. Fact Sheet And of the treasury department Press release,
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